Donald Trump Gives Shock to Bitcoin, Price Less than USD 59,000

There has been volatility in the crypto market for the last few weeks. This is being affected by increasing tensions between some countries and macro economic reasons. The price of Bitcoin, the largest cryptocurrency in terms of market capitalization, fell 1.6 percent on Tuesday to around $ 58,910 on international exchanges.

The crypto market has also been disappointed by the lack of mention of regulations for the crypto segment in the discussion between US presidential candidate Donald Trump and Electric Vehicle (EV) maker Tesla CEO Elon Musk. Some analysts associated with this market were hopeful that Trump, who is contesting the presidential election from the Republican Party, would reiterate his support for the crypto segment. If inflation in the Consumer Price Index for July remains high in America, the price of Bitcoin may decrease.

The price of Ether, the second largest cryptocurrency, was down about 0.9 percent at about $2,651. The prices of cryptocurrencies like Solana and XRP have increased. Crypto-related firms in India are waiting for a regulatory framework to grow their business in a safe and legal manner. However, the central government has no plans to regulate this segment. The European Union (EU) and UAE have made rules for the crypto segment.

Recently, in a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary had said that there is no proposal to make a law to regulate the buying and selling of virtual assets in the near future. MP GM Harish Balayogi had raised questions on the government’s stance regarding this segment. He had asked whether the government has any proposal to bring rules to regulate the crypto segment. In response, Chaudhary had said, “There is no proposal to bring a law to regulate the buying and selling of virtual digital assets. However, the Financial Intelligence Unit (FIU) has been authorized for special purposes of monitoring such as anti-money laundering.” Has gone.” During its presidency of the G20 last year, India collaborated with the International Monetary Fund (IMF) and the Financial Stability Board (FSB) with the aim of drafting crypto-related legislation for all members of the G20 group.